US value-add multifamily real estate investor S2 Capital has raised $400m (€96.9m) at the close of its debut fund.

The manager said the amount raised for S2 Multifamily Value-Add Fund I in just eight months exceeded its $250m target.

Fund I attracted an investor base of various institutional investors, family offices, investment banks, and high-net-worth individuals, the manager said.

Scott Everett, the CEO of S2 Capital, said: “We are grateful for the support of our investors in raising our first fund, especially through the challenging financial markets of recent months.

“This year marks our firm’s 10th anniversary, and we see the rapid closing of Fund I as a testament to S2’s strong record of results in value-add multifamily investing and LPs’ desire to invest in sector-specific operator-led investment vehicles.”

S2 focuses on value-add multifamily investing in prime Sunbelt locations.

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